Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help finding the retained entries and closing entries for these! Required informarion is provided. I will give thumbs up thank you!! Journal entry worksheet
Need help finding the retained entries and closing entries for these! Required informarion is provided. I will give thumbs up thank you!!
Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. BIG BLAST FIREWORKS Classified Balance Sheet January 31,2024 Assets Liabilities Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits. Required information On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: The $46,000 beginning balance of inventory consists of 460 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,450 units for $158, 150 on account ( $109 each). January 8 . Purchase 1,550 units for $176,700 on account ( $114 each). 3 anuary 12 Purchase 1,650 units for $196,350 on account ( $119 each). January 15 Return 180 of the units purchased on January 12 because of defects. January 195el14, 800 units on account for $720, 060. The cost of the units sold is deterained using a FIfO perpetual inventory systes. January 22 Receive $705,000 from customers on accounts receivable. January 24 Pay $500,000 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, $2,599. January 31 Pay cash for salaries during January, 5135,090. The following information is available on January 31,2024 a. At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. [ Hint: Determine the number of units remaining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19.] b. The company records an adjusting entry for $3,530 for estimated future uncollectible accounts c. The company accrues interest on notes payable for January. Interest is expected to be paid each December 31 d. The company accrues income taxes at the end of January of $13,900 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started